10 Best Forex Brokers for Beginner Traders
For newcomers who are unfamiliar with the markets, forex trading might be scary. As a result, the first critical step for beginning forex traders is to ensure they choose the finest forex broker and platform.
To make it easier we have compiled a list containing some of the best forex brokers for beginners.
Khwezi Trade
Khwezi Trade, a well-regulated South African online forex and CFD broker, was established in 2013 and provides a broad choice of tradable instruments using the sophisticated, popular MetaTrader 4 platform, which can be accessed over the web or downloaded to PCs and mobile devices.
Khwezi Trade provides a streamlined trading environment, incorporating the latest technology to ensure the best order execution, ensuring that traders’ orders are fulfilled with little slippage and at the best available pricing.
Khwezi Trade is a multi-award-winning broker that is regulated by the Financial Sector Conduct Authority, with multiple industry awards, including the Global Brands Magazine’s Best Broker in South Africa for 2019 and 2020. In addition, Khwezi Trade is a leader in the online trading industry that recently obtained an Over-the-Counter (OTC) license.
Khwezi Trade Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Trusted forex broker with regulation through the Financial Sector Conduct Authority | No crypto deposits accepted |
| Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensing | There are limited account base currency options |
| Khwezi Trade is an authorised FSP and ODP in South Africa | US clients are not accepted |
| Traders are provided access to powerful trading technology | |
| Competitive spreads are offered | |
| There is a decent maximum leverage ratio offered |
Khwezi Trade features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 FSCA |
| 💵 Minimum deposit from | 💰 ZAR500 |
| ⚖️ Average spread from | 👉 0,6 pips |
| 📈 Commissions from | N/A |
| 💸 Deposit/Withdrawal Fees | N/A |
| ⚖️ Maximum Leverage | ⚖️. 1:400 |
| 🤑 Bonuses | 👍 30% |
| ❓ Customer Support | 🏪. 24/5 |
IG Markets
IG is a well-established broker that has been in business since 1974, providing the finest trading conditions in the overall market to over 200,000 traders from all over the globe. Through innovative and user-friendly trading systems, South African traders may trade over 17,000 different tradable instruments.
IG’s pricing structure is straightforward, with no hidden costs, and traders can be certain that they are receiving the best available prices and consistent transaction execution speeds. Beginner traders, as well as pros and institutional investors, are all welcome at IG.
IG Markets Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Powerful and user-friendly trading platforms provided | Inactivity fees are applied to dormant accounts |
| Tight spreads and low commissions offered | There is a high minimum deposit requirement |
| Multi-regulated and trusted broker | |
| Withdrawal and deposits are free | |
| FIX API DMA trading supported | |
| Offers Islamic Accounts |
IG Markets features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA |
| 💵. Minimum deposit from | 💰 R4 000 ZAR |
| ⚖️ Average spread from | 👉 0.6 pips |
| 📈 Commission | 📈 No |
| 💸 Deposit/Withdrawal Fees | 🙅 No |
| ⚖️ Maximum Leverage | ⚖️ 1:50 |
| 🤑 Bonuses | 💰 No |
| ❓ Customer Support | 🏪 24/5 |
Plus500
Plus500 is a well-known broker that provides traders from all over the globe with access to more than 2,000 different trading products including metals, commodities, options, ETFs, foreign currency, and more.
Plus500 enables traders to trade using contracts for difference (CFDs), which allows them to speculate on price changes and trade long and short positions without having to hold the underlying asset.
Since 2008, Plus500 has provided complete trading services and is a member of the FTSE 250 Index, which is traded on the London Stock Exchange’s Main Market for Listed Companies.
Plus500 Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Commission-free trading is offered across the range of assets that can be traded | Fixed spreads are not offered |
| The broker provides market news and in-depth insight into market conditions | There is an inactivity fee charged on dormant accounts |
| Offers more than 2,000 tradable instruments that can be traded using any type of trading strategy | |
| Provides a range of funding options including bank transfer, credit cards, debit cards, and others | |
| Offers flexible trading conditions and a powerful proprietary trading platform and mobile trading app |
Plus500 features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 FCA, ASIC |
| 💵 Minimum deposit from | 💰 ZAR/ R1600 |
| ⚖️ Average spread from | 👉 0,8 pips |
| 📈 Commissions from | N/A |
| 💸 Deposit/Withdrawal Fees | N/A |
| ⚖️ Maximum Leverage | ⚖️. 1:300 |
| 🤑 Bonuses | 👍 25EUR / ZAR R420 |
| ❓ Customer Support | 🏪. 24/7 |
AvaTrade
AvaTrade is one of the industry’s leading online brokers, offering over 1,250 financial products across a variety of asset classes including forex major currencies, minor pairs, and exotic currency pairs along with commodities, precious metals, options, and several others.
Although AvaTrade only offers one retail account and one professional account, both types of accounts are packed with a variety of versatile, dynamic features that appeal to both novice and professional traders.
AvaTrade also provides traders with a variety of trading options, instructional resources, trading tools, and a flexible, creative desktop platform.
AvaTrade Pros and Cons
| ✔ PROS | ❌ CONS | ||
|---|---|---|---|
| Broad range of tradable instruments | High EURUSD and inactivity fees | ||
| MetaTrader 4 and 5 available | |||
| Excellent educational resources |
AvaTrade features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 Central Bank of Ireland, MiFID, ASiC, BVI |
| 💵. Minimum deposit from | 💰 $100 |
| ⚖️ Average spread from | 👉 0.9 pips |
| 📈 Commissions from | 📈 No commission on Forex |
| 💸 Deposit/Withdrawal Fees | 🙅. None |
| ⚖️ Maximum Leverage | ⚖️ 1:400 |
| 🤑 Bonuses | 💰 First Deposit Bonus |
| ❓ Customer Support | 🏪 24/5 – multilingual |
Alpari
Alpari, which was founded in 1998, is an internationally recognized, well-established, and well-regulated broker with a customer base of more than 2 million customers from over 150 countries. Alpari provides a wide choice of FX and CFD products, as well as narrow typical spreads, rapid execution, and innovative trading technology.
Alpari provides a secure, fair, and transparent trading environment for beginner and advanced traders. In addition, the broker has received several international industry awards, demonstrating that its brand and services are trustworthy.
Alpari Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| The minimum deposits required are ultra-low and competitive | Limited range of assets offered |
| There are low commissions on forex trading | |
| High maximum leverage offered as well as tight average spread | |
| Provides a choice between powerful trading platforms | |
| Offers ZAR trading standard accounts | |
| Offers dedicated customer service |
Alpari features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FSCM |
| 💵. Minimum deposit from | 💰 $100 / 1 600 ZAR |
| ⚖️ Average spread from | 👉 0.9 pips |
| 📈 Commissions from | 📈 Yes |
| 💸 Deposit/Withdrawal Fees | 🙅 Yes |
| ⚖️ Maximum Leverage | ⚖️ 1:400 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
Axi
Axi was founded in 2007 and it is one of the best online forex brokers that accept traders from around the world despite their experience level, trading skill, or prior trading knowledge.
Retail traders in over 150 countries may use Axi’s services and solutions, which include narrow typical spreads, low slippage, reliable transaction execution, and multilingual customer care.
Beginner traders can expect to participate in global markets in a safe, highly regulated, and transparent trading environment with Axi, knowing that their best interests are always prioritized.
Axi Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| No withdrawal/deposit fees | 24/5 customer service |
| Low forex fees | Research tools somewhat limited |
| Fully digital account opening or activation | Forex and CFDs trading only |
Axi features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, ASIC, DFSA |
| 💵. Minimum deposit from | 💰 $0 / 0 ZAR |
| ⚖️ Average spread from | 👉 1.24 |
| 📈 Commission | 📈 No |
| 💸 Deposit/Withdrawal Fees | 🙅 No |
| ⚖️ Maximum Leverage | ⚖️ 1:400 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
Trading 212
Trading 212 is a well-regulated broker and comprehensive forex trading platform that has been in business since 2006. Trading 212 is well-known for its diverse range of tradable assets that are spread across many financial marketplaces, providing advanced traders with true versatility and diversification.
Trading 212’s top-rated mobile trading app is available for both iOS and Android smartphones and is appropriate for both beginners and pros. The Trading 212 forex trading app has more than 40,000 user reviews and a high rating on both the App Store and Google Play, with over 14 million downloads.
Trading 212 Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Intuitive and user-friendly proprietary trading platform supplied | MetaTrader platforms are not supported |
| Low minimum deposit requirement | Islamic Accounts are not offered to Muslim |
| Flexible funding options supported | |
| Thousands of tradable instruments are available across different global financial markets | |
| Well-regulated and safe broker offering trading for beginners |
Trading 212 features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA |
| 💵. Minimum deposit from | 💰 $0 / 0 ZAR |
| ⚖️ Average spread from | 👉 1.9 pips |
| 📈 Commissions from | 📈 None |
| 💸 Deposit/Withdrawal Fees | 🙅. None |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/7 |
FXTM
FXTM was founded in 2011 and is one of the best international brokers that offer over 250 financial products that can be traded ranging from major forex pairs, commodities, minor currencies, stocks, indices, precious metals, CFD trading, and more.
FXTM is highly rated for its low trading commissions and user-friendly trading platforms that work on mobile, desktop, and different web browsers.
FXTM provides beginner traders with a wide range of training resources, trading tools, and a choice of flexible and dynamic account types, each with custom-tailored conditions for each forex trader.
FXTM Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Offers more than 250 financial instruments | Inactivity fees charged on dormant accounts |
| Offers a choice between retail investment accounts | |
| Commission-free trading options are offered | |
| Requires a low minimum deposit | |
| Dedicated and multilingual customer support offered | |
| Perfect broker for beginners |
FXTM features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, FCA, FSC, FSCA |
| 💵. Minimum deposit from | 💰 $10 / 160 ZAR |
| ⚖️ Average spread from | 👉 0.1 pips |
| 📈 Commissions from | 📈 No commission on Forex |
| 💸 Deposit/Withdrawal Fees | 🙅. Deposit fees no, withdrawal fees yes |
| ⚖️ Maximum Leverage | ⚖️ 1:2000 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
Markets.com
Markets.com is a reputable broker that offers a diverse choice of markets spanning across a variety of asset classes. Markets.com has an impressive user base consisting of more than 5 million registered traders with annual trading volumes in the hundreds of billions of dollars.
Markets.com has been named one of the Best Trading Platforms in the past few years for providing traders with user-friendly, versatile, and robust trading platforms.
Markets.com provides comprehensive educational tools, dedicated customer service in many languages, and a variety of sophisticated research tools to help traders gain a competitive advantage.
Markets.com Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Markets.com is a broker with a high trust score that offers ZAR as the base currency and deposit currency | A high minimum deposit is required when traders register a live account with Markets.com |
| User-friendly trading technology supported with a proprietary mobile app | An inactivity fee is charged on dormant accounts |
| A tight average spread is offered on forex major pairs | |
| Commission-free trading is provided | |
| There are no deposit fees or withdrawal fees charged | |
| Caters for all trading styles and trading strategies |
Markets.com features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FSCA |
| 💵 Minimum deposit from | 💰 $100 / ZAR R1 600 |
| ⚖️ Average spread from | 👉 1.9 pips |
| 📈 Commissions from | 📈 $0 / ZAR R0 |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:300 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/7 |
FxPro
FxPro, a respected UK-based NDD broker, was founded in 2006 and is licensed and overseen by the Financial Conduct Authority, CySEC, Financial Sector Conduct Authority, and SCB to operate in 173 countries, subsequently accommodating over 1.3 million customers.
FxPro has over 260 traded instruments, and because of its NDD execution policy, traders can expect some of the finest pricing via Quotix, FxPro’s proprietary aggregator that gathers quotes from over 12 different liquidity providers such as central banks, hedge funds, and other financial institutions.
In the last 15 years, FxPro has received more than 75 industry awards and has established a solid reputation as a reliable broker that prioritizes the needs of its clients.
FxPro Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Mobile trading platform offered for Android and iOS mobile traders | Managed accounts are not available |
| VPS is provided through Beeksfx to ensure that active traders remain connected to financial markets | Social trading opportunities are not provided ye |
| FxPro applies an NDD execution policy and model to ensure accurate and competitive pricing | |
| Expert analysis is provided by Trading Central and there is an economic calendar that traders can use to keep an eye on economic events | |
| Premium trader tools and a range of educational materials offered |
FxPro features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FSCA, CySEC |
| 💵 Minimum deposit from | 💰 $100 / ZAR R1600 |
| ⚖️ Average spread from | 👉 0.37 pips |
| 📈 Commissions from | 📈 $45 / ZAR R720 per million USD traded |
| 💸. Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:30 |
| 🤑 Bonuses | 💰 N/A |
| ❓ Customer Support | 🏪 24/7 |
Frequently Asked Questions
Several brokers offer the ideal trading environment for beginner forex traders but the ten on this list are considered the best beginner-friendly forex brokers.
Beginner forex traders must consider the broker regulation, educational materials, client services, and the provision of virtual trading that offers enough virtual funds which are preloaded.
Regulation and authorisation with a known and trusted market regulator, the provision of a free demo account for virtual trading which has virtual funds, a reasonable minimum deposit requirement, adequate educational material, and excellent customer service.
Beginner brokers are focused on novices and provide them with the tools and resources they need to start trading in the forex market.
Professional brokers provide their more experienced clients with advanced trading tools and comprehensive trading solutions to refine their trading skills to become profitable traders.
The first is to start learning about forex and how the market works by accessing educational materials, e-books, tutorial articles, online courses, and several others.
The next step is to start practising trading in a virtual environment where real money is not at risk. Once you start trading, control your position sizes, use risk management tools, and follow a solid trading plan.
Further reading:
7 Best Forex Brokers in South Africa with Sign-Up Bonus
10 Best Forex Brokers in SA with ZAR Deposits
11 Best Forex Brokers in South Africa with Demo Accounts
11 Best Forex Brokers in South Africa with MetaTrader 4
Did you know that Nigeria is Africa’s fastest-growing trading segment.
